In November 1998, the SEC dropped fraud allegations against LaMonda, but he did settle charges he violated broker-dealer registration rules by paying a $50,000 fine, although he did not admit or deny the rules violations.

Accelerated Benefits said it decided to restructure its ownership in January. It said it gave Diverse World Enterprises, owned by Keith LaMonda, a 2 percent stake in a firm that owned Accelerated Benefits, subject to the approval of the Florida Department of Insurance.

On Aug. 5, the Department of Insurance ordered Accelerated Benefits to show cause why its license should not be revoked or suspended, alleging that Keith LaMonda was an owner of Accelerated Benefits.

Accelerated Benefits holds a license as a viatical settlement provider. It could lose its license at the end of the show-cause proceeding only if a judge at the Florida Department of Administrative Hearings rules against it.

In its petition, Accelerated Benefits said Florida regulators have known since January that Keith LaMonda had been given some ownership role in the company, subject to department approval.

Accelerated Benefit said it requested that approval on Jan. 7 in a letter to its financial examiner at the department, J. Paul Newton. It attached to the letter a copy of a corporate resolution approving the ownership change.

In its petition for an administrative hearing, filed Aug. 25, Accelerated said the department never responded to its request. "Absent such approval, the transfer of stock as outlined in the corporate resolution has not occurred," the petition said.

The petition is currently being reviewed by the department, said Bob Prentiss, senior attorney for the Florida Department of Insurance. Whether the transfer actually took place and whether Keith LaMonda violated the ban on his participation in the company remain points in dispute, he said.

"We do have some indication he was active in managing the company," Prentiss said.

While Accelerated Benefits identified Keith LaMonda as a long-standing Central Florida resident, records filed with the Nevada Secretary of State list him as president, secretary and treasurer of Diverse World Enterprises, whose address is listed as a post office box in Las Vegas. On that basis, he was called "a Las Vegas man" in a department news release, Prentiss said.